(Dollar-Value LIFO Retail) You assemble the following information for Seneca Department store, which computes its inventory under the dollar-value LIFO method.

	Cost	Retail
Inventory on January 1, 2020	$216,000	$300,000
Purchases	364,800	480,000
Increase in price level for year		9%

Instructions:

Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $294,300 and (B) $365,150.

Please explain how you get answers, thank you